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MBA Lessons From Previous Downturn


If you've just graduated from business school, a story in the current BusinessWeek may be just the pick-me-up you need. It looks back at five students who graduated in 2002 - during the last really awful job market - and asks if there's something to learn from their experiences.

In profiling students who graduated amid the recession, the aftermath of the Sept. 11, 2001 attacks, Enron and the dot-com bust, BusinessWeek's Geoff Glockler concludes:

"If the Class of 2009 is looking for rules for navigating a slumping economy, there's really only one: There are no rules. Flexibility and patience will be rewarded in the end, but so too will a single-minded focus and jumping at the first opportunity that comes along. In the end, everyone must discover what works best - for themselves - and make their own way in an economically inhospitable world."

On the bright side, all five 2002 MBA grads landed on their feet. As Glockler observes, that indicates "graduating at a time of economic upheaval is, despite appearances, not the end of the world."

They completed high-profile MBA programs – UC Berkeley's Haas, Stanford, Harvard, UNC's Kenan-Flagler, and Georgetown's McDonough.

While everyone does indeed have to find their own way, you can use the same tactics that worked for them.

- Be flexible about the job you take. If an offer comes in that's not your dream job, consider how the job might be a stepping stone to your dream job.

- Changing careers is tough even in a good market, so don't expect your MBA to automatically bridge the gap between the old and new field. Use internships to pick up experience, prove yourself and gain networking contacts.

- Get started on your job search as soon as you're accepted to business school. Begin information interviews with alums as soon as the career center will share contact information with you.

- Join campus groups and professional associations related to your chosen profession.

- Devote time each week to networking and job hunting.

COMMENTS

Mubanga Mutemba, Government,  Wed Jun 24 2009

Sure those are all GREAT schools!!! so of course they landed on their feet. I am not surprised at all, are you, that is where all the recruiters go...to the great schools that an average person cannot afford, show me a story of someone that went to an MBA from an accredited Online MBA or a University of Baltimore, or Idaho State University MBA etc and then MAYBE I will feel encouraged!!!!!!!!!!

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JC, Capital Markets,  Wed Jun 24 2009

Mubanga has a point.  That's the equivalent of tracing the lives of wealthy families through a recession.  It's a safe assumption that THEY'LL be okay.  This doesn't make me feel any different about my chances as a graduate from an MBA program that isn't top-tier.

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mwholmes,  Wed Jun 24 2009

sad to say, it appears unless you went to a top 25 MBA school you probably wasted your time in terms of marketing yourself as an accomplished student.  i find it hard to believe the caliber between top 25 students, and say the students at the next 20 MBA schools, is so mind-blowing that the later 20 schools are rendered insignficant!  are they smarter that much smarter???

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wolbruin,  Wed Jun 24 2009

That information works ALL the time, regardless of the MBA - Harvard or Hardfought.  We get complacent when a job market is such that we get jobs just for having the MBA. 

But when job hunters are strapped, following some of the aforementioned "tactics" will eventually lead to employment.  It doesn't matter whether it was a 2002 MBA or a 2009 MBA, or a 1981 MBA - good tactics are just that - and will eventually lead to good results.

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alex_newman,  Thu Jun 25 2009

A top 25 MBA school does not mean you are smarter. US education is far too insular. This is a global marketplace that requires global thinking and experience. Unfortunately you do not get this in America.

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ankur5885,  Wed Aug 19 2009

Alex_Newman on your comment about US education being insular... I would say that it depends on the place where you receive your degree.
With jobs yes I am a 2009 graduate and I am trying everything I can to land on my "FEET"

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